The Fibbemas and the gang

To repeat - What I need to trade succesfully:

Experience - such as yesterday - back to base is again showed in CL.

The lucky Fibbemas :he he :
5 , 9, 20, 50, 100 - Why I didnt follow the oldman's sequence you asked...Well, he didn't trade CL

Candle Pattern : Hammers, doji, engulfing, inside candle,  wedge, covering

Lots of  3 point lines

Long Range Lines

Volume

Y - High,Y- Low, Y-Close

Trading Styles: Breakout in 4mins, Pullback and Continue 1 min, Bothways Triangle, 50% retracement, Observing Candle patterns.

Donchian Channels to be considered

Target 200 daily

After reviewing my trading in this holy month, I have a conclusive tool and edge now.

So I can moved to the next level of trading. I need to determine my min profit traget as I found that keep longer trading hour is bad for me.

So here my trade management plan:

No. of trades per day : remained 2 times per day

Profit target: USD 200 per day. If I got more from first trade, it will be a bonus. If I got less 200 from 1st trade, I will try the second trade.

Risk per trade : -USD 100 per trade, exit as wish - not waiting for Mr Stoploss once I found that the trade is bad. So at most it shall be breakeven.

The long road to Succesful Trading

For a long time I have this Idea A that yet to be implemented due to lack of tool.

The I upgraded my Sierra Chart to the latest version.

Now I can put in the tool that I really want to use and discarded the usual ones.

Then yesterday I read this thread 

 http://www.sierrachart.com/supportboard/showthread.php?t=28537&highlight=support+resistance

Looked like that I have the same idea with Kiwi, a VERY senior trader and respected Indicators programmer.

Be like Water - continue

Revised some tools in my chart to suit the market, especially the MA as it is quite tricky.

I also separated the MA from main chart in order to have a clear mind :-)

Add up a timer, as I acted to soon before the candle close.

I have a good feeling about my current chart layout

Trading is truly is a mind game

I determined that there are at least 4 phases of CL, not as simple as 2 as I previously thought.

1) Straight trend - Breakout style

2) Waving trend - EMA style

3) Pulsing Trend - Price/Candle Pattern style

4) Ranging - Indicator style

The problem with my mind is that I need to clear my mind before I could see the phases. My mind want confirmation but the market is full of Uncertainty. Trading is truly is a mind game. To beat the market, I need to adapt to the market uncertainties, I need to be like Water

http://youtu.be/-DDGMSDfh_w

Still on sabbatical leave

Halfway through Ramadhan and I'm still on sabbatical leave.

This give me opportunity to re think strategies.

What I have now that I can predict only about 10% of CL behaviour.

The other 90% drive me nuts - the ranging period.

How you can plot your trading plan if the price is random ?

Traders said it's hard to predict the highest and the lowest.

I will focus how to determine that - the level of high and low and play pull back at SR

Again, CL went to the starting base before jumping down

The market scaled higher and higher to the peak
Then I looked at 1chart, I saw the hammer and doji
the 3chart showed normal candle but with MACD divergence
My 50chart show contraction of bolingger.

I put SIM short . Walla - Quick SIM win 490.

Learning a new trick

I learned fibonacci this week. It is simple in it application and whats more ..combined it with what I already know the it make some sense in my trading brain.
A definite good thing of fibs is that it helped me draw horizontal lines at one clik !

Volatile Markets but Gurus seemed missings

:-)

Faster, and Stocks are tanking

In US and malaysia the stocks are tanking.
And I'm grateful that I can trade CL future as a better alternative.

Again, I re looked my old charts and I decided to change the slow stochastic to faster stochastic.
No body told me that except my fast brain.

p/s....Coincidently, Richard advice is relevant
http://richardwesleytodd.blogspot.com/2011/08/hahahahaha.html

Master and slave charts

SIM -Previous weeks I'm simming mindlessly... I got -ve result, but yesterday i got positive results. Good improvement for my self and I felt comfortable.

This is the last set up that I will not changed any more as I have tested it mindlessly like a zombie.  For the record I had nearly 900 setups within 3 years trading part-time. I named it the NakedHammer ..He he he.

However I will try add up a range chart to have a micro look for the trend...but this micro chart is not a decision maker master chart, it is more like a slave chart

Traders Proverbs :)

Triangle and doji is like a compressed spring

So easy on SIMMING

For about a year I watch CL in 2 min frame.
They said don't changed your set up. Yeap I followed that advice. 1 year.
Yesterday I watch CL in 1 min frame.Totally focused. Interesting.
(5min and 15min charts as the GPS)
.
 Now I understand why 2 min frame is different compared to 1 min frame.


It's the time, Elliot Wade..

he he.

Again CL went to the base.


SIM trade - usd 650...more than 1 plays, of course. It is so easy when I'm SIMMING.
May be I need to train my mind that my live is Sim and my Sim is Live

Way To Go

SIM - This session the CL repeating its die-hard behaviour . It confirmed my CL theory.


Go to the base and jump : Jump up or jump down.

So my WTG

1) identify the base first - starting line, normally at the Pivots and SR
2) check the space of least resistance - direction
3) look for the pattern - the trigger - 2 types - the price pattern esp triangle , the candle esp hammer (pin bar), bigger candle and doji (spinning top)
4) My Stop Manager will deal with my losses , so I will concentrate only on the profits.
5) I may use stop order and market order where necessary
6) Special obs: Turnaround : After a long trend or long candle, usually followed by a hammer, a candle (various types) then price cross the line of dojis. Enter at the correct side of dojis lines.


Disclaimer : Foooollow at your own risk. You may have the knowledge but you dont have the xperience to deal with my set up.